GM-X is the world's first and only enterprise resources planning (ERP) application ever to implement blockchain technology for secure business-to-business (B2B) collaboration.
London, 10 January 2018 — Geoprise Technologies Corporation, maker of the GM-X™ enterprise resources planning (ERP) application suite, and Coin Sciences Ltd, maker of the MultiChain blockchain platform, announced today that Geoprise has joined the MultiChain Product Partner Program and launched GM-X for Blockchain, the first and only enterprise resources planning (ERP) application ever to implement blockchain technology for secure business-to-business (B2B) collaboration.
MultiChain is an open source platform for building and deploying private, permissioned blockchains that span multiple enterprises. It can process up to 1,000 transactions per second on a network of mid-range servers without the costly and time-consuming proof-of-work mining associated with public blockchains. First introduced in 2015, MultiChain was released into production in August 2017 and is one of the leading blockchain platforms. Over 60 partnerships have been signed to date with companies building on the product. “We developed MultiChain by enhancing Bitcoin Core, the reference implementation for the bitcoin network, which has been thoroughly battle-tested on the open Internet. We added extensive configurability, permissioning for confidentiality and control and support for multiple blockchains, as well as greatly increasing the transaction throughput for private peer-to-peer networks,” says Dr. Gideon Greenspan, CEO and Founder of Coin Sciences Ltd. “Probably the most crucial enhancement is a capability called ‘streams’ which implements a scalable general-purpose database or document repository on the blockchain. MultiChain allows blockchain participants to encrypt their data before publishing it, and deliver the decryption key only to those other participants who are permitted to see it.”
GM-X ERP is a Web application suite which provides supply chain management, sales force automation (SFA), supplier relationship management (SRM), project management and activity execution solutions for enterprises in the aerospace and defense, life sciences, automotive, energy, resources, finance, retailing and services industries worldwide. It is specifically designed and built to enable real-time collaboration between employees, customers and suppliers, using desktop and laptop personal computers (PCs), tablets and smartphones; and it incorporates an integrated workflow engine which automates collaborative businesses processes to reduce cycle times and improve productivity.
“Security is a major concern and one of the toughest challenges facing enterprises for whom B2B collaboration is a strategic imperative,” says Nelson Nones, Founder and CEO of Geoprise. “Conventional collaboration tools, such as Web portals, centralized databases and even electronic data interchange (EDI), are proving vulnerable to security breaches which are accelerating at an alarming pace. Not only does MultiChain keep a permanent, tamper-proof and verifiable blockchain ledger for GM-X ERP, it provides a secure ‘pipe’ for pushing or pulling data in either direction between any two organizations, under the control of automatic ‘data valves’ at either end to protect confidentiality, maintain control over information assets and enhance mutual trust among trading partners.”
Most ERP systems in use today are centered on individual enterprises or business units, each with its own numbering schemes for products, accounts and business documents. Those schemes often overlap, leading to inevitable data collisions when businesses attempt to collaborate with one another. Harmonization standards such as GS1 Class 1 Identification Keys have evolved over time to prevent such collisions, but conventional ERP systems require such standards to be adopted and cross-referenced in parallel with internal numbering schemes.
To avoid these headaches, the GM-X ERP has a built-in mechanism which guarantees that data items created independently by each blockchain participant will mesh properly, without any collisions, when published to a common blockchain ledger. This capability makes GM-X much more flexible than conventional ERP systems because, even though GM-X ERP natively incorporates all GS1 Class 1 Identification Keys standards into its database and application design, it doesn’t force organizations to bear the burden of adopting those standards in parallel with their internal numbering systems for the sole purpose of collision avoidance.
“We are delighted that Geoprise chose MultiChain as its blockchain platform for GM-X ERP, and are excited to step forward with Geoprise by delivering pragmatic blockchain technology that improves the security, transparency and efficiencies of supply chains, which are the core focus of most ERP systems,” Dr. Greenspan comments. “We look forward to Geoprise integrating MultiChain into the GM-X ERP software package as a member of our Product Partner Program and commercial licensee, making it possible to install and quickly set up a single ERP-focused blockchain network, or multiple networks, out of the box.”
Mr. Nones adds, “The ability for a single GM-X ERP installation to communicate simultaneously with multiple blockchain networks creates many B2B collaboration opportunities above and beyond collaborative sales, distribution and billing. Additional collaboration scenarios include supplier qualification and audit, shipment tracking, global inventory management, project and work execution, customer feedback, provenance tracking (track-and-trace), and archiving and records management.”
About Geoprise Technologies
Geoprise Technologies Corporation was formed in 1999 by a group of software executives with over a century of previous cumulative experience building enterprise resources planning (ERP) and manufacturing operations management systems, and implementing them worldwide. The privately-held company’s mission, then and now, is to create exceptional value for its customers by harnessing the power and economy of information technology to enable lean, world-class industrial operations on a global scale. Today, Geoprise Technologies focuses exclusively on delivering top-quality expertise and technology solutions for businesses operating in North America, Europe, Asia and the Pacific Rim. Geoprise values integrity by maintaining strict independence, intense commitment to business ethics and profound respect for intellectual property rights. The company’s global headquarters are in Minneapolis and its research and development headquarters are in London. Its Asia-Pacific headquarters are located in Bangkok and it operates a sales and support office in Singapore. For further information, visit the company’s website at www.geoprise.com.
About Coin Sciences
Coin Sciences is a leading blockchain technology company, founded in 2014. Coin Sciences develops MultiChain, a popular open source platform for creating and deploying permissioned blockchains. MultiChain includes features such as rich permissions management, native assets, data streams, and simple configuration and deployment. It has been used for blockchain projects in many of the world’s largest banks, consulting firms, financial technology and IT companies. Coin Sciences has over 60 partners, including both consulting firms that build blockchain applications for their clients and companies integrating MultiChain into their own product offerings. Its corporate headquarters are in London with research and development based in Tel Aviv. For more information, visit the MultiChain website at www.multichain.com.